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Many individuals will start streaming live games on Twitch to make some money. Some will even try to turn it into a career.
Twitch introduced an aspect to "help" streamers in 2016 in response to the possibility of participating in that income.
But, in comparison to other types of money, do Twitch Bits hold a candle? There are undoubtedly several methods to profit from a live stream.
Donations, affiliate sales, and even promoting your own eCommerce site are among the most profitable options.
Unfortunately, bits will have the same tremendous impact. The concept behind this crypto-currency-like platform is sound.
What Are Twitch Bits?
Bits are a form of digital money that you may spend to support your favorite streamer.
When you utilize bits, you bring yourself and any message you want to draw attention to in conversation and the live broadcast.
It's similar to providing a donation or tip without donating "real" money. Bits are purchased straight from Twitch and saved in your account.
Also, users can convert Twitch bits to USD to calculate income from those bits in US Dollars. The Bits are then used when you watch a streamer and wish to applaud or "cheer" him or her on.
Some streamers will utilize an overlay on their broadcast to display the number of Bits supplied throughout the feed.
In my situation, I'm using Streamlabs' "The Jar" programme.
Comparing PayPal Donations to Twitch Bits
When freshers started broadcasting, most users only made money using a TwitchAlerts donation link to PayPal.
Anyone may make a donation of any amount, and it will be deposited into their account. Then, right after the stream, Streamers send a portion of it to Extra Life.
By the way, this was before it became Streamlabs. But how do Bits compare to receiving direct payments via PayPal?
Being Eligible for Twitch Bits
Twitch Bits have great potential for generating revenue as a streamer. However, it does come with quite a few caveats.
If you're new to streaming, don't expect to start getting payouts anytime in the near future.
Making Money from Twitch Bits
Twitch Bits offer a lot of possibilities for making money as a streamer. It does, however, come with several drawbacks.
If you're new to streaming, don't expect to start receiving payments anytime soon. To be eligible for Bits, you must first become an affiliate. This implies you must:
- Streamed for 8 hours in the previous 30 days.
- Stream on 7 different days within the last 30 days.
- In the previous 30 days, you received 3 average views.
- Obtain 50 followers.
Twitch will send you an invite to become an affiliate once you have completed these achievements.
At that point, you can accept Bits and sell products from your stream, for example, through Amazon links. You can also increase your subscriber base.
Making Money from PayPal Donations
You only need a confirmed PayPal account to collect monetary donations from viewers. It makes no difference how many followers you have or how frequently you broadcast.
Add the Streamlabs link to your channel's page or include it in a message, and you're set. Create a PayPal.me account for yourself to make things easier for viewers.
When You Get Paid
Twitch Affiliates get paid out 60 days after reaching $100 in the month. This might be from Twitch Bits, game sales, or subscription fees.
So, if you hit the $100 requirement by the end of July, you will be paid on October 1st.
The payment period for Twitch Partners, who have significantly more stringent standards to complete, is 45 daYs.
If you accept PayPal donations on your broadcast, the payout is instant. In other words, you'll have access to the entire stream's donations before you finish broadcasting.
When you join the Affiliate Program, you must pay the processing fees in order to get money from Twitch.
Twitch will charge you $1.50 for PayPal transactions. This equates to 2% of the transaction plus $0.50.
This cost is harsher than PayPal at lesser quantities. However, considering that you will get paid once you've accumulated $100 is okay.
The only way this might appear to be a rip-off is if PayPal also charges fees when Twitch gives you monEy.
If that's the case, you'll lose at least $1.50 as an affiliate if you choose Twitch Bits about direct PayPal donations. PayPal charges me 2.2% + $0.30 for every transaction.
As streamers sell items and services and also have a business account. Your expenses may depend on the type of account you have.
You can only aspire to become a Twitch Partner. Twitch will cover these charges on your behalf as a partner.
Avoiding the Frauds and Trolls
People will frequently try everything they can to get anything out of it, whether it's PayPal donations or Twitch Bits.
Unfortunately, the Internet is rife with individuals attempting to game the system by defrauding others.
Although both PayPal and Twitch have robust anti-fraud measures, fraud can occasionally slip through.
People will try to hand out PayPal donations, for example, in order to elicit a rise out of the streamer and make themselves appear excellent.
Then, in order to recover the money they just gave, these scumbags will file a chargeback with PayPal. PayPal intervened in one case and refused the troll's chargebacks.
Although both platforms have measures in place to broad safeguardcasters, you must do your part.
Always be familiar with what is going on, and never assume a $10,000 gift is genuine. You never know who is simply trolling you and your channel.
What Does This Mean for Streamers?
It is a strategy that has the potential to enhance someone's life, whether they're a YouTube producer or a streamer.
Even if streamers disagree with Twitch's compensation timeframe, it's encouraging to see Amazon take a more aggressive approach to inspire more creators.
Most users don't watch Twitch to watch someone play a game; they watch because they like the streamer's personality.
It's just like any other sort of entertainment, and in many situations and found themself sobbing with laughter.
Twitch Bits are good, but they should be considered more supporting revenue. In other words, make an attempt to monetise your channel as a whole rather than focusing just on one strategy.
For many, receiving payments via Twitch Bits is more respectable than using PayPal or other online platforms.
It seems more professional from Twitch's standpoint and provides an opportunity to create some income.
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